The Financial Conduct Authority (FCA) has initiated probe against the London office of Deutsche Bank over governance and controls concerns.
The UK financial watchdog’s investigation against the German bank comes in response to the recommendations made by the Parliamentary Commission on Banking Standards to put strict laws against errant bankers, placing it under enhanced supervision.
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The new powers bestowed on FCA via the intensive-monitoring program that it uses since the summer has allowed the authority to demand the bank’s board to commit to a remediation program failing which deems serious enforcement probe to follow.
Deutsche Bank in a statement said: "We have been working diligently to further strengthen our systems and controls and are committed to being best in class. We have invested EUR 3.6bn since 2012 as part of this effort."
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